Strange India All Strange Things About India and world



Karnataka: The Basavaraj S Bommai government cut diesel price by Rs 19Bengaluru: Karnataka is the first among 10 BJP-rules states that has cut fuel prices drastically this Diwali, bring huge relief to people, especially commercial transporters who depend on diesel-powered automobiles for long-distance freight.The Karnataka Chief Minister’s office in a statement said diesel is now cheaper by Rs 19 in the state.Diesel price has been reduced by Rs 7 by the state, in addition to a further cut of Rs 10 by the centre, taking the total reduction to Rs 19.47 per litre after even further reduction in sales tax, the Chief Minister’s office said.Similarly, petrol price in Karnataka has come down by Rs 13.30 – a cut of Rs 7 by the state and Rs 5 by the centre, and reduction in sales tax.Diesel in Karnataka now costs Rs 85.03, while petrol costs Rs 100.63.Opposition Parties were lecturing about price rise of petrol & diesel.Yesterday, PM @narendramodi Govt reduced excise duty on Petrol & Diesel.NDA State Govts immediately reduced the VAT on them benefiting crores of people.Opposition ruled States are yet to reduce the same.— BJP Karnataka (@BJP4Karnataka) November 4, 2021The state’s share of sales tax on petrol has been reduced from 35 per cent to 25.9 per cent, and on diesel from 24 per cent to 14.34 per cent, the government led by Chief Minister Basavaraj S Bommai said in the statement.Following the fuel price cut, the Karnataka BJP took a swipe at opposition parties and states ruled by them for not delivering on promises for cutting state tax on fuel.”Opposition Parties were lecturing about price rise of petrol & diesel. Yesterday, Prime Minister Narendra Modi government reduced excise duty on petrol and diesel. NDA (National Democratic Alliance) state governments immediately reduced VAT (value added tax) on them, benefiting crores of people. Opposition ruled states are yet to reduce the same,” the Karnataka BJP tweeted.The tax relief comes on the eve of Diwali, which marks the beginning of a busy festive season with increased consumer spending. The centre will face a revenue loss of between Rs 550 billion and Rs 600 billion from the cut in taxes, news agency Reuters reported quoting an unnamed source, asking not to be identified.Recent months have seen a steady growth in consumer spending in India, with a relaxation on curbs on travel and business operations due to a dip in the number of coronavirus cases.But high fuel prices have been hurting the margins of corporates as well as farmers, who contribute a significant chunk to the economy. The cut in fuel taxes is likely to come as a boost to manufacturers and farmers.



Source link

Leave a Reply

Your email address will not be published.